WTI Oil - OUTLOOK
Hello everyone,
WTI Oil 4H NEW FORECAST
The oil price shows some upward tendency after touching the 77.64 level, and may head towards testing the 79.50 level before returning to decline, noting that the price is facing conflicting technical factors that may cause sideways trading between the mentioned levels.
Therefore, we are likely to witness sideways movement between the support at 77.64 and the resistance at 78.92 during the coming sessions, and the price needs to cross one of these two levels to determine its next destination more precisely, noting that breaking the aforementioned support will extend the bearish wave to target the 76.89 and then 76.00 level directly, while Breaking the resistance will lead the price to attempt to recover and head to test the most important resistance for intraday and short-term trading at 80.32.
Expected trading range
Pivot Line : 78.32
Resistance Line : 79.50 , 80.32, 81.19
Support Line : 76.89 , 76.00 , 75.05
WTI Oil 4H NEW FORECAST
The oil price shows some upward tendency after touching the 77.64 level, and may head towards testing the 79.50 level before returning to decline, noting that the price is facing conflicting technical factors that may cause sideways trading between the mentioned levels.
Therefore, we are likely to witness sideways movement between the support at 77.64 and the resistance at 78.92 during the coming sessions, and the price needs to cross one of these two levels to determine its next destination more precisely, noting that breaking the aforementioned support will extend the bearish wave to target the 76.89 and then 76.00 level directly, while Breaking the resistance will lead the price to attempt to recover and head to test the most important resistance for intraday and short-term trading at 80.32.
Expected trading range
Pivot Line : 78.32
Resistance Line : 79.50 , 80.32, 81.19
Support Line : 76.89 , 76.00 , 75.05
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